Saudi crown prince receives phone call from Putin

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call from Russian President Vladimir Putin late on Monday.

During the call, the two leaders reviewed bilateral relations and ways of developing them in various fields. A number of issues of common concern were also discussed.

“Issues of further development of bilateral cooperation in the political, trade, economic and energy fields” were discussed, according to the Kremlin. Furthermore, the two leaders spoke of “cooperation within the framework of OPEC Plus to ensure the stability of the world oil market.”

Putin and Prince Mohammed have spoken several times since Russia launched its military operation in Ukraine last February, with these calls taking place amid a growing rift between Saudi Arabia and the US, the Kingdom’s closest international partner.

Over the last year, Riyadh has deepened its ties with Beijing and declared its readiness to trade oil for Chinese yuan, a move that would threaten the US dollar’s standing as the world’s dominant petrocurrency.

As the de-facto leader of the Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia further snubbed the US last July when it refused to increase oil production following a meeting between Prince Mohammed and US President Joe Biden.

An increase would have simultaneously benefited Biden by lowering gas prices in the US ahead of November’s midterm elections, and weakened the Russian economy by reducing its oil revenue.